El Marakby Group to establish new rolling steel line with $39mn in Egypt

Egyptian steel maker El Marakby for Steel Group plans finishing studies on establishing new line for rolling steel with investment cost of 700 million Egyptian pounds (US$39 million) next December.

Speaking to Amwal Al Ghad Wednesday, Chairman Hassan El-Marakby added that according to initial studies, the capacity is expected to be raised from 200,000 tonnes to 500,000 tonnes annually after operating the new line. The new line is scheduled to be established in 2017, the chairperson added.

El Marakby Group is set to conduct feasibility studies of the project by the end of 2016 in addition to studying the offers submitted by foreign firms for supplying machines and equipment.

By the beginning of 2017, El Marakby Group is scheduled to choose the supplying firm and financing bank in addition to signing the contracts, El Marakby clarified.